Hey Nitebob!
A friend of mine is using a M-AUDIO 49-key midi controller/keyboard very successfully with Ableton Live. Apart from playing software instruments, he's also able to map effects parameters to the various rotary knobs and sliders on the keyboard. Allows very hands on manipulation of effects, and beats. I found this link to an article in Keyboard magazine:
http://www.midi.org/aboutmidi/Keyboard_Magazine_MIDI_Reloaded_2014.pdf
There are more resources available at midi.org